Examlex
If we study identical twins who have been separated at birth and reared apart, we can
Standards of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Developing Countries
Countries with a low living standard because of less human and physical capital per worker; typified by high rates of illiteracy, high unemployment, high fertility rates, and exports of primary products; also known as low-income and middle-income economies
Physical Capital
The stock of equipment, buildings, vehicles, and machinery that is used to produce goods and services; a factor of production that is not consumed in the production process.
Labor Productivity
The output per worker, assessing how efficiently labor is utilized in production.
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